GMAC Strikes Asset Management Deal, Plans Executive Shift

GMAC-ResCap has entered into an arrangement with Mountain Funding LLC to provide asset servicing and consulting advice for some of the REO assets in GMAC-ResCap's Business Capital Group portfolio in a deal that will put a former ResCap-BCG executive at the head of a Mountain unit. The arrangement, which was completed through Mountain's asset management affiliate, the Charlotte, N.C.-based Mountain Special Servicing LLC, has been in process for several months. "There were no layoffs associated with this transaction. A small group of employees left ResCap to immediately join Mountain Funding as per agreement between both firms," said a spokesperson for GMAC-ResCap. Mountain Funding has absorbed 14 members of senior management from the REO asset management group. Joining Mountain Special Servicing as managing director will be GMAC-ResCap's former head of ResCap-BCG REO management, Joel Kaul, who will head up the company's residential asset management group. Combined with its existing portfolio, Mountain Special Servicing now has 90 assets under management, totaling $1 billion in unpaid principal balance. The assets are diversified over 20 states and include residential land development, residential lot development/sale, housing construction/sale, commercial land development, subperforming retail centers, fractured condos, apartments, and resort development. ResCap, the fifth largest mortgage servicer, said it continues to provide mortgage servicing and subservicing for a portfolio of approximately 2.6 million mortgage loans.